Ask A Lawyer: How Do Exemptions Help Me In A Chapter 13 Case?

Denvil Crowe's picture

An experienced and knowledgeable bankruptcy attorney will inform you of your rights so you may determine whether bankruptcy is your best option. Then, if bankruptcy is your best option, an experienced attorney like Denvil Crowe may file your case and assume the role of "point man" for any creditor contact. Don't let the stigma of filing bankruptcy stop you from taking advantage of the benefits and protections afforded by federal law! It will help you relieve financial hardship and start anew. It will help you return to a normal life. After one consultation with our office, you will feel a sense of relief.

An exemption prevents certain property from being attached by creditors. In bankruptcy, this means that exempt property is excluded from a debtor's bankruptcy estate. Specifically, exemptions in a bankruptcy case allow debtors to keep certain property necessary for everyday living so that the debtor may make a "fresh start" after the completion of the bankruptcy case. 

Chapter 13 may allow you to retain your assets since you are paying off all or some portion of debt through a repayment plan. In a Chapter 13 bankruptcy, considered a reorganization under federal law, the total value of all of a debtor's nonexempt assets must be paid to general unsecured creditors (GUCs) in the debtor's Chapter 13 plan. Thus, the lower the value of nonexempt assets, the less money that has to be paid to GUCs over the three to five year period that a Chapter 13 plan may run. Exemptions lower Chapter 13 plan payments!

In Mississippi, bankruptcy exemptions allow you to keep a substantial portion of assets and property. For homes, there is a $75,000 homestead exemption, and for personal property, there is a $10,000 personal property exemption, which more times than not applies to most, if not all, of a person's assets.

Maybe you just need some basic information about bankruptcy. If so, Denvil Crowe's office is readily available to help you find the answers to all of your debt solution questions and problems. Thoughtful, caring, and informative, we can help you decide what is best for you financially and whether bankruptcy is your best option. Call 800-429-HELP (4357), email us at Contact@denvilcrowe.com or see us online today! Denvil Crowe is the king of Tupelo's finest and most qualified bankruptcy attorneys!

 

 

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